The recreational market may have finally awakened but it’s the high-end properties that is stirring the most interest, says one Realtor.
It took a while for buyers to get into cottage country this year but that is because they are looking for bigger investments, says one Muskoka-based agent.
A long and severe weather played its part in the traditional recreational property buying season, according to the latest report from Royal LePage. However, the arrival of more waterfront-friendly weather has increased interest and is generating higher inventory levels and sales activity.
“Despite the weather being colder than usual this winter, the sales activity now is typical of every spring,” says Jack Janssen, sales representative, Chestnut Park Real Estate in Port Carling. “People see a bunch of sales in a couple of weeks, and view it as a big hive of activity.”
However, Janssen has noticed one big shift in the market. “We are seeing a lot more interest and activity in the higher end of the market, those priced between $3 and $8 million. They seem to be selling a lot more.”
Confidence in both job security and national economy is spearheading such interest, says Janssen. “With low interest rates and many buyers having a lot of equity in their primary residence, more buyers are seeing the value of investing in the market.”
Many buyers, he adds, are also renting their recreational properties for three to four weeks during the peak season to cover some of the costs with some demanding between $5,000 and $10,000 per week.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
Investment Hot Spots:
Blezard Valley, Dorchester, Seabright, Rapid View, Glenwood